The Lloyds Bank Platinum 0% Purchase and Balance Transfer credit card is part of a range of Lloyds Bank balance transfer cards, with different interest-free periods and balance transfer fees. This card offers a relatively long maximum 0% period on both balance transfers and purchases, although there is a balance transfer fee and not every successful applicant will get the full period.
Key facts about Lloyds Bank Platinum 0% Purchase and Balance Transfer credit card
- Best for: A good interest-free period on both balance transfers and purchases.
- Introductory offers: Interest-free for up to 18 months on balance transfers and up to 20 months for purchases.
- Representative APR: 26.90% variable.
- Fees: 2.99% balance transfer fee for transfers in the first 90 days of the account opening, rising to 5% after that.
- Perks: There are no specific perks for this card.
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- 26.5% APR Representative (variable)
Pros of Lloyds Bank Platinum 0% Purchase and Balance Transfer credit card
- While the interest-free introductory offers aren't quite the best on the market, they offer a decent length of time to reorganise your finances.
- There is no limit to the number of transfers you can make, as long as you stay within your credit limit and each transfer is a minimum of £100.
- The structure of the Lloyds Bank application process is personalised so that, rather than applying for a specific card, you complete the One Check form and will then be told which cards are right for you and which you are eligible for.
Cons of Lloyds Bank Platinum 0% Purchase and Balance Transfer credit card
- The balance transfer fee of 2.99% is a consideration for those with larger balances, who may prefer a card with a slightly shorter interest-free period but no transfer fee.
- While you can transfer balances from most credit cards and some store cards, you are not permitted to make transfers from loan companies, bank accounts or other Lloyds banking group credit cards.
- You need to verify that you are receiving a regular income in order to be eligible.
How to manage your payments on Lloyds Bank Platinum 0% Purchase and Balance Transfer credit card
You can register online to manage you account on your computer or phone, including checking your balance, monitoring transactions, and arranging transfers.
How to apply for the Lloyds Bank Platinum 0% Purchase and Balance Transfer credit card
Lloyds Bank's One Check eligibility checker will tell you which cards you are eligible for from the Lloyds Bank range, as well as what your credit limit would be.
Find out which credit card is best for you
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Alternatives to the Lloyd's Bank Platinum 0% Purchase and Balance Transfer
- Capital One Balance Transfer credit card
- Sainsbury's Dual Offer credit card
- M&S Shopping Plus Offer credit card
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